LOS ANGELES--(BUSINESS WIRE)--Coretrust Capital Partners, LLC, through its investment fund, Coretrust Value Fund I, purchased Citigroup Center, a modern, stainless steel 48-story office tower totaling 914,000 square feet, located at 444 South Flower Street in the heart of Downtown Los Angeles Central Business District. The seller was a partnership advised and led by Hines, a privately owned global real estate firm headquartered in Houston, Texas.
Citigroup Center is a LEED Gold trophy class office tower occupying a prominent “main and main” location at the intersection of 5th Street and Flower Street. The property was developed by Rockefeller Group in 1981 and designed by noted architectural firm AC Martin Partners. The property is and has been the home of prestigious tenants such as Citigroup, Morgan Stanley, Wells Fargo and ARCO.
The building provides tenants with one of the most complete user experiences available: three distinct and highly efficient floor plate sizes; unique outdoor/indoor usability with multiple public terraces; unparalleled metro-centric location; on-site tenant services Equinox, Starbucks, Mendocino Farms and a Citibank branch; and one of the largest public art collections including works by world-renowned artists Rauschenberg, Stella, Heizer, Nauman and di Suvero.
Coretrust plans to take advantage of Citigroup Center’s location and physical attributes and focus on enhancing its market profile by upgrading common areas throughout the building with special emphasis on the tenant arrival experience and outdoor amenity spaces.
Coretrust principal John Sischo said, “We had the great fortune to redevelop the neighboring City National Plaza and view this investment as a redux, allowing us to rebrand and reposition this property to intersect with the needs and demands of forward looking tenants. Our goal is to provide our tenants with a concierge-level of service found in boutique buildings with the amenities only a one million square foot trophy tower can provide.”
Coretrust Capital Partners was founded in 2014 by three former executives of Thomas Properties Group, Inc. (NYSE: TPGI). TPGI was a major national office property owner with more than 17 million square feet, including one of downtown Los Angeles most prestigious and successful redevelopments, the 2.6 million square foot, two tower City National Plaza. Coretrust is principally engaged in the acquisition, operation and re-positioning of large office assets through its Coretrust Value Fund I (CVFI), which is co-sponsored with Hawkeye Partners of Austin, TX. CVFI is a $250 million discretionary equity fund that closed in October 2015 with capacity for up to $1 billion of office properties. The firm is actively seeking value-add investment opportunities.
About Coretrust Capital Partners
Coretrust Capital Partners, LLC (“CCP”) is a private real estate operating company formed in 2014 by three original partners of Thomas Properties Group, Inc. (NYSE: TPGI): Thomas Ricci, Randall Scott and John Sischo. CCP provides fiduciary investment management services to institutional clients in both co-investment and separate account vehicles targeting opportunistic, value-add, core plus and core strategies in the office and mixed-use sectors. CCP identifies properties for re-purposing as desirable workplaces that are sustainable, technologically advanced and economically attractive. CCP targets acquisitions in major urban centers located in the West Coast, Southwest and the Mid-Atlantic regions. CCP is a Registered Investment Advisor. For more information visit: www.core-trust.com.
